Prom Spending At an All-Time High

So dads, how much money did you fork over to send your daughter to the prom? Pictures were posted in the Lufkin Daily News last weekend, and it looks like fun was had by all. But did it break the bank?

Prom spending is going up every year, and one newspaper today says the average family spends an amount that could equal a mortgage or a couple of car payments! How much is too much?

USA Today offers an Associated Press story today that says the average family is spending $1,139 on the prom outfit, dinner, and transportation...and perhaps a spray tan. Granted, some families said they're not spending anything on the prom and those people were not included in the final amount. But others really forked over the big bucks. So THAT's where the tax refund went!

Is it worth it? Sure, the prom gives you memories and a few new Facebook pictures, but wouldn't that money be better saved and spent on college books in the fall? Parents say yes, high school students say heck no!

Here's one good takeaway. Increased prom spending is a sign the economy is doing much better, and people are willing to open up their wallets again. That could mean a little easier livin' for all of us. Thanks prom!